Srinagar, Dec 12, KNT: Business activity in Srinagar’s Central Market Aabi Guzar and Lampered Lane at Regal Chowk has plunged to alarming levels, with traders reporting that customers have almost stopped visiting the area. Shopkeepers told the news agency Kashmir News Trust that sales have touched historic lows, leaving long-established businesses on the verge of closure.
Kashmir Traders and Manufacturers Federation Chairman Muhammad Yaseen Khan described the situation as critical, saying the slump has persisted since the 2014 floods and has now reached a stage where traders feel they are finished. He said the trading community recently met Chief Minister Omar Abdullah, who assured them that an expert committee, with traders as members, will be constituted to frame a revival roadmap for the affected markets.
Khan said that although LG Manoj Sinha sanctioned seven hundred fifty crore rupees for the business community, most traders were compelled to use the amount to clear accumulated bank interest. He added that compensation provided by insurance companies after the floods was also diverted toward reconstruction, leaving traders with little to revive their operations.
He said hopes remain pinned on the revival of the horticulture and tourism sectors, expressing that only a broader economic recovery can restore commercial activity in Srinagar’s downtown and civil lines markets. [KNT]
